to download our Active Member Handbook in PDF format. - PSERs

More documents

Recommendations

Info

Points to Remember While an active member of PSERS, there are some things you can do to ensure you remain well informed about your PSERS account. 1. Make sure your address is always up to date in our records. – PSERS sends all active and inactive members, and vestees an annual Statement of Account to the address we have on fi le. Members also receive the Active Member Newsletter, the PSERS Update, as well as other account related information via mail. While employed with a Pennsylvania public school, notify your employer of any change or correction of address. Your employer will report your address change to PSERS. Otherwise, notify PSERS directly in writing. Be certain to include your name, old and new addresses, the last four digits of your Social Security number, and your signature. 2. Review your Statement of Account. – Your Statement of Account is mailed yearly, usually in the mid-to late fall of the year. When you receive your statement, be sure to review all of the information provided. If your benefi ciary information is not up to date, please submit a new Nomination of Benefi ciaries (PSRS-187) form. If you do not agree with salary or service reported by your employer, please contact your employer to resolve any discrepancies. All other inquiries should be directed to PSERS. 3. Keep your beneficiary information up to date. - Keeping your beneficiary information up to date ensures that benefi ts are paid according to your wishes. You should review and consider submitting to PSERS a new Nomination of Benefi ciaries (PSRS-187) form if: • You or your benefi ciary divorces or marries. • One of your benefi ciaries dies. • One of your benefi ciaries has a name or address change. • You have a child or adopt a child. • A minor benefi ciary reaches age 18. The most recently received form will supersede all previous forms. 4. You may not borrow from your account. - Under the law, you must terminate all Pennsylvania public school employment to receive any funds from your account. PSERS may not, therefore, provide you with a loan or allow you to borrow funds from your account. Additionally, your funds in PSERS may not be attached, assigned, used for collateral, and are also excluded from the bankruptcy estate under section 541 (c)(2) of the Bankruptcy Code. 5. Create an online Interaction account. – Interaction is PSERS online source for member account information. To create an Interaction account, go to the PSERS website and click on “Online Applications.” Interaction will give you access to a retirement estimate calculator and past Statements of Account. 6. Use the Online Retirement Calculator. – PSERS provides a Retirement Calculator so that you can create your own retirement estimates. If you have an Interaction account, signing into Interaction when using the retirement calculator will pre-fi ll the estimator with your most recent Statement of Account. You can also sign on as a guest to use the calculator, but you will need a copy of your most recent Statement of Account. 18
7. Take advantage of PSERS online resources. –Whether you are a new, active, or retired member, the answer to most of your retirement-related questions can be found within the PSERS website. News, Board information, forms, processing time frames, publications, and every phase of your membership life cycle is easily accessible online at www.psers.state.pa.us. Preparing for Retirement Retiring is one of the most important choices you will make. PSERS strongly recommends all members do the following: 1. Attend a Foundation for Your Future program. – PSERS regional representatives present these sessions throughout the school year in numerous locations to review critical information about the Retirement System. A list of scheduled meetings and locations is available on the PSERS website and is published in the PSERS Active Member Newsletter. Please contact the regional offi ce associated with the meeting if you require an accommodation to participate. 2. Request a staff-prepared retirement estimate. – If you are within 12 months of your retirement date, you can request an estimate of your benefi t by submitting a Request for Retirement Estimate (PSRS-151) form found on the PSERS website or by contacting PSERS. If you are more than 12 months from your retirement date, use the online Retirement Calculator application available on the PSERS website. 3. Schedule an Exit Counseling session. – After receiving a PSERS estimate and making the decision to retire, you should call your PSERS regional offi ce to schedule an appointment for a Retirement Exit Counseling session. Here you will receive assistance fi lling out your application and ensure that you have all necessary forms. Regional representatives schedule sessions to accommodate a small group. 19
Page 1 and 2: COMMONWEALTH OF PENNSYLVANIA P UBLI
Page 3 and 4: Table of Contents About PSERS .....
Page 5 and 6: About PSERS PSERS is a governmental
Page 7 and 8: PSERS will send you a letter advisi
Page 9 and 10: Member Contribution Rates Membershi
Page 11 and 12: Any contributions made during the c
Page 13 and 14: For more details regarding each typ
Page 15 and 16: When you elect Multiple Service mem
Page 17 and 18: Class T-E and Class T-F You termi
Page 19 and 20: Applying for Normal and Early Retir
Page 21: Disability Retirement Sometimes ill
Page 25 and 26: PSERS Appeals Process A member of P
Page 27 and 28: Disclaimer The Public School Employ

to download our Active Member Handbook in PDF format. - PSERs

Create successful ePaper yourself

Delete template?

Save as template?